Reported Earnings • May 07
First quarter 2026 earnings released: EPS: ر.س0.32 (vs ر.س0.008 loss in 1Q 2025) First quarter 2026 results: EPS: ر.س0.32 (up from ر.س0.008 loss in 1Q 2025). Revenue: ر.س45.6m (up ر.س43.1m from 1Q 2025). Net income: ر.س32.0m (up ر.س32.8m from 1Q 2025). Profit margin: 70% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 18
Full year 2025 earnings released: ر.س0.084 loss per share (vs ر.س0.057 loss in FY 2024) Full year 2025 results: ر.س0.084 loss per share (further deteriorated from ر.س0.057 loss in FY 2024). Net loss: ر.س8.47m (loss widened 60% from FY 2024). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Mar 18
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ر.س8.7m (US$2.3m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: ر.س0.84 (vs ر.س0.013 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.84 (up from ر.س0.013 in 3Q 2024). Revenue: ر.س90.6m (up ر.س87.3m from 3Q 2024). Net income: ر.س84.2m (up ر.س83.0m from 3Q 2024). Profit margin: 93% (up from 36% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Vice Chairman of the Board Abdulaziz bin bin Abdullah Al-Kassabi was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: ر.س0.18 (vs ر.س0.015 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.18 (up from ر.س0.015 in 2Q 2024). Revenue: ر.س2.03m (down 47% from 2Q 2024). Net income: ر.س17.8m (up ر.س16.6m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 07
Ayyan Investment Company, Annual General Meeting, May 27, 2025 Ayyan Investment Company, Annual General Meeting, May 27, 2025, at 18:30 Arab Standard Time. Location: khobar Saudi Arabia Reported Earnings • Mar 18
Full year 2024 earnings released: ر.س1.78 loss per share (vs ر.س2.68 loss in FY 2023) Full year 2024 results: ر.س1.78 loss per share (improved from ر.س2.68 loss in FY 2023). Net loss: ر.س164.5m (loss narrowed 24% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Dec 17
Environmental Services Material Recycling Company agreed to acquire 2.39% stake in Arab Paper Manufacturing Co. Ltd. from Ayyan Investment Company (SASE:2140). Environmental Services Material Recycling Company agreed to acquire 2.39% stake in Arab Paper Manufacturing Co. Ltd. from Ayyan Investment Company (SASE:2140) for SAR 17.2 million on December 15, 2024. The deal involves Environmental Services Material Recycling Company acquiring 10% of the current shareholders in the Arab Paper Manufacturing Company (WARAQ), and Waraq company issuing new shares to increase the company capital. Thus, Environmental Services Material Recycling Company own 35% of the Arab Paper Manufacturing Company. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: ر.س0.013 (vs ر.س0.70 loss in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.013 (up from ر.س0.70 loss in 3Q 2023). Revenue: ر.س3.25m (down 97% from 3Q 2023). Net income: ر.س1.18m (up ر.س57.6m from 3Q 2023). Profit margin: 36% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2024 earnings released: ر.س0.60 loss per share (vs ر.س0.51 loss in 2Q 2023) Second quarter 2024 results: ر.س0.60 loss per share (further deteriorated from ر.س0.51 loss in 2Q 2023). Revenue: ر.س106.2m (up 39% from 2Q 2023). Net loss: ر.س48.3m (loss widened 17% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Jul 25
Ayyan Investment Company has completed a Follow-on Equity Offering in the amount of SAR 200 million. Ayyan Investment Company has completed a Follow-on Equity Offering in the amount of SAR 200 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: SAR 10
Transaction Features: Rights Offering New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 82% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • May 24
Ayyan Investment Company has filed a Follow-on Equity Offering in the amount of SAR 200 million. Ayyan Investment Company has filed a Follow-on Equity Offering in the amount of SAR 200 million.
Security Name: Shares
Security Type: Common Stock
Transaction Features: Rights Offering Announcement • May 17
Ayyan Investment Company, Annual General Meeting, Jun 05, 2024 Ayyan Investment Company, Annual General Meeting, Jun 05, 2024, at 19:30 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 27
Full year 2023 earnings released: ر.س2.68 loss per share (vs ر.س0.56 loss in FY 2022) Full year 2023 results: ر.س2.68 loss per share (further deteriorated from ر.س0.56 loss in FY 2022). Revenue: ر.س333.3m (up 25% from FY 2022). Net loss: ر.س216.3m (loss widened 383% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-ر.س100m free cash flow). Earnings have declined by 74% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change). Reported Earnings • Nov 18
Third quarter 2023 earnings released: ر.س0.70 loss per share (vs ر.س0.21 loss in 3Q 2022) Third quarter 2023 results: ر.س0.70 loss per share (further deteriorated from ر.س0.21 loss in 3Q 2022). Revenue: ر.س93.9m (up 38% from 3Q 2022). Net loss: ر.س56.4m (loss widened 237% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 22
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ر.س76.5m (up 16% from 2Q 2022). Net loss: ر.س41.3m (loss widened 252% from 2Q 2022). New Risk • Jun 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 38% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.3% average weekly change). Reported Earnings • Jun 04
First quarter 2023 earnings released: ر.س0.58 loss per share (vs ر.س0.17 profit in 1Q 2022) First quarter 2023 results: ر.س0.58 loss per share (down from ر.س0.17 profit in 1Q 2022). Revenue: ر.س69.2m (down 8.5% from 1Q 2022). Net loss: ر.س46.7m (down 448% from profit in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 143 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 11
Full year 2022 earnings released: ر.س0.56 loss per share (vs ر.س0.058 profit in FY 2021) Full year 2022 results: ر.س0.56 loss per share (down from ر.س0.058 profit in FY 2021). Revenue: ر.س266.2m (down 1.2% from FY 2021). Net loss: ر.س44.8m (down ر.س49.1m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Chairman Faisal bin Abdullah bin Muhammad Al-Qahtani was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Third quarter 2022 earnings released: ر.س0.21 loss per share (vs ر.س0.051 profit in 3Q 2021) Third quarter 2022 results: ر.س0.21 loss per share (down from ر.س0.051 profit in 3Q 2021). Revenue: ر.س68.1m (up 3.5% from 3Q 2021). Net loss: ر.س16.7m (down ر.س20.5m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 27
Second quarter 2022 earnings released: ر.س0.14 loss per share (vs ر.س0.008 profit in 2Q 2021) Second quarter 2022 results: ر.س0.14 loss per share (down from ر.س0.008 profit in 2Q 2021). Revenue: ر.س65.9m (down 6.5% from 2Q 2021). Net loss: ر.س11.7m (down ر.س12.3m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jul 04
Ayyan Investment Company Announces Board Changes Ayyan Investment Company announced the decision of the Board of Directors at its meeting held on July 03, 2022, which includes the selection of the Chairman and Vice-Chairman and the formation of committees as follows: appointment of Mr. Faisal bin Abdullah bin Muhammad Al-Qahtani as Chairman of the Board of Directors; appointment of Mr. Abdul Aziz bin Abdul Rahman bin Abdullah Al AlShaikh as Vice Chairman of the Board of Directors. Formation of the Investment Committee as follows: Mr. Faisal bin Abdullah bin Muhammad Al-Qahtani, Chairman of the Committee; Mr. Abdulaziz bin Abdulrahman bin Abdullah Al AlShaikh, Member of the Committee and; Mr. Ayham bin Muhammad bin Abdullah Al-Yousef, Member of the Committee. Formation of the Nominations and Remunerations Committee from the following Members: Mr. Mohammad bin Abdullah bin Abdulaziz Al-Mansour, Chairman of the Committee; Mr. Ahmed bin Abdullah bin Abdulaziz Al-Khayyal, Member of the Committee and; Mr. Abdulaziz bin Majed bin Abdullah Al-Kassabi, Member of the Committee. Appointing Mr. Fahd bin Abdul Rahman Al-Sulaiman, Secretary of the Board of Directors, as well as appointing the company's representatives to the Capital Market Authority and to the Saudi Stock Exchange Company. Formation of the Audit Committee from the following members: Mr. Waleed bin Amer Abdul Rahman Al-Rumaih, Chairman of the Committee; Mr. Hani bin Abdullah Abu Al-Naja, Member of the Committee; Mr. Emad bin Mahmoud Nashar, Member of the Committee and; Mr. Rashed bin Abdullah Al-Rashed, Member of the Committee. These decisions shall take effect from July 01, 2022 and for a period of three years. Announcement • Jun 29
Ayyan Investment Company Announces the Latest Developments Regarding the Acquisition Deal as Well as the Trial Operation of Al Salam Hospital Ayyan Investment Company announced the completion of most of the construction works and the completion of all equipment commissioning for the construction and medical systems, the provision of medical and administrative cadres, and the readiness to start the trial operation of Al Salam Hospital as soon as licenses are obtained from the competent authorities, and it is expected to obtain them during the third quarter of 2022. Announcement • Jun 09
Ayyan Investment Company Approves Executive Changes Ayyan Investment Company held its Ordinary General Assembly Meeting on June 6, 2022, approved the election of the Board members as follows: Mr. Abdulaziz bin Majid Abdullah Alkassabi, Mr. Abdulaziz bin Abdulrahman Abdullah Al alshaikh, Mr. Mohammed bin Abdullah Abdulaziz Al-Mansour, Mr. Ayham bin Mohammed Abdullah Al-Yousef, Mr. Waleed bin Amer Abdulrahman Al-Rumaih. Audit committee includes: Mr. Waleed bin Amer Abdul Rahman Al-Rumaih (Chairman of the Committee), Mr. Hani bin Abdullah Abu Al-Naga (Member of the Committee), Mr. Imad bin Mahmoud Nashar (Member of the Committee), Mr. Rashid bin Abdullah Al-Rashid (Member of the Committee). Reported Earnings • May 28
First quarter 2022 earnings released: EPS: ر.س0.17 (vs ر.س0.10 in 1Q 2021) First quarter 2022 results: EPS: ر.س0.17 (up from ر.س0.10 in 1Q 2021). Revenue: ر.س75.6m (up 4.2% from 1Q 2021). Net income: ر.س13.4m (up 82% from 1Q 2021). Profit margin: 18% (up from 10% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Non Executive Member of the Board of Directors Adel Bin Ahmed Youssef Al Saleh was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: ر.س0.058 (vs ر.س0.35 in FY 2020) Full year 2021 results: EPS: ر.س0.058 (down from ر.س0.35 in FY 2020). Revenue: ر.س269.6m (up 5.6% from FY 2020). Net income: ر.س4.29m (down 82% from FY 2020). Profit margin: 1.6% (down from 9.5% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Mar 23
Ayyan Investment Company to Report Fiscal Year 2021 Results on Mar 20, 2022 Ayyan Investment Company announced that they will report fiscal year 2021 results on Mar 20, 2022 Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ر.س0.051 (vs ر.س0.084 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ر.س65.8m (flat on 3Q 2020). Net income: ر.س3.74m (down 40% from 3Q 2020). Profit margin: 5.7% (down from 9.4% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year and the company’s share price has also increased by 27% per year. Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS ر.س0.008 (vs ر.س0.054 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ر.س70.4m (up 15% from 2Q 2020). Net income: ر.س616.2k (down 84% from 2Q 2020). Profit margin: 0.9% (down from 6.4% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 26
First quarter 2021 earnings released: EPS ر.س0.10 (vs ر.س0.30 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ر.س72.5m (up 14% from 1Q 2020). Net income: ر.س7.37m (down 54% from 1Q 2020). Profit margin: 10% (down from 25% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS ر.س0.40 (vs ر.س0.026 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س255.3m (up 4.0% from FY 2019). Net income: ر.س24.3m (up ر.س25.6m from FY 2019). Profit margin: 9.5% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 04
New 90-day high: ر.س20.36 The company is up 14% from its price of ر.س17.84 on 03 December 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improved over the past week After last week's 16% share price gain to ر.س19.80, the stock is trading at a trailing P/E ratio of 64.9x, up from the previous P/E ratio of 56.1x. This compares to an average P/E of 29x in the Healthcare industry in Saudi Arabia. Total returns to shareholders over the past three years are 64%. Is New 90 Day High Low • Dec 29
New 90-day high: ر.س18.90 The company is up 19% from its price of ر.س15.86 on 30 September 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ر.س16.90 The company is up 23% from its price of ر.س13.78 on 20 August 2020. The Saudi market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 13% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ر.س0.14 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س65.9m (up 9.4% from 3Q 2019). Net income: ر.س10.6m (up 361% from 3Q 2019). Profit margin: 16% (up from 3.8% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 16% share price decline to ر.س13.28, the stock is trading at a trailing P/E ratio of 49.2x, down from the previous P/E ratio of 58.8x. This compares to an average P/E of 31x in the Healthcare industry in Saudi Arabia. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Oct 02
New 90-day high: ر.س16.16 The company is up 40% from its price of ر.س11.54 on 02 July 2020. The Saudi market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 22% over the same period. 